IT Stock Sets Record Date For Rs 15/Share Dividend, Scrip Hit 52-Week-High

Xchanging Solutions is a small cap IT company that recorded a market cap of Rs 1,201.15 Cr on Monday's closing session. The stock opened at Rs 92.99 apiece on BSE and hit a fresh 52-week-high of Rs 110.66 during the after-noon deals logging in an intraday gain of 19%. However, the stock kept its upside momentum and closed at Rs 107.82 on Monday with an upside gap of 16.92% from the previous close of Rs 92.22.

The company has said in a stock exchange filing that "In terms of Article 152 of the Articles of Association of the Company, recommendation of Interim dividend for the financial year 2023-24 of Rs. 15/- per equity share of face value of Rs. 10/- each (150%), subject to declaration of the same by the members at the ensuing 22nd Annual General Meeting ("AGM") of the Company. Dividend, if declared by the members, shall be credited / dispatched within 30 days from the date of 22nd AGM. The Record date to determine those members who will be eligible to receive the payment of Interim dividend for the financial year 2023-24 ("Interim Dividend"), subject to the approval of the members of the Company in the upcoming 22nd AGM, will be Friday, July 28, 2023."

The company's consolidated net profit for the quarter ended on March 31, 2023, was nearly flat at Rs. 11.02 crore versus Rs. 11.07 crore in the corresponding period of FY22. In comparison to Q4FY22, when net sales were 45.07 crore, it grew 1.55 per cent to 45.77 crore in Q4FY23. EBITDA for the company was Rs 16.5 crore in the March quarter, 2.48 per cent more than the Rs 16.13 crore recorded in the same quarter of FY22. In comparison to FY22, when the operating profit margin was 31%, it fell to 28% in FY23. The PAT also dropped to Rs 44.90 crore in FY23 from Rs 52.57 crore in 12MFY22.

The stock made a 52-week-low of Rs 51.67 on (28/03/2023), indicating that at the current market price of Rs 107.82, the stock gained 108.67% from its 52-week-low to make a fresh 1-year high on Monday. In the last 1 year, the stock has rallied 78.09% and on a YTD basis it has gained 57.54% so far in 2023. During Q4FY23, the company recorded promoter